What was reported
Search Engine Roundtable reported elevated ranking volatility starting Saturday, August 1 and continuing through August 3, drawing on third-party rank-tracking tools and reports from the SEO community. Google has not confirmed an update, and there is no named algorithm change to attach it to.
That makes three in roughly three weeks. The July 18 to 19 weekend produced one, the July 23 to 26 stretch produced another, and now August 1 to 3. None were confirmed. At that frequency, treating each instance as a discrete event with a discrete cause generates more work than insight.
What to do about it
Set the comparison window before you react
Note the date, note which pages moved, and diff the same set two weeks out. Rankings that recover on their own inside that window were never a content problem, and pages rewritten mid-shuffle leave you unable to tell which change did what.